Tinubu Replaces NNPC Board, Appoints New CEO, Chairman

President Bola Tinubu has restructured the Nigerian National Petroleum Company Limited (NNPC) board, by removing Chairman Pius Akinyelure and Group Chief Executive Officer Mele Kyari. Effective April 2, 2025, Bashir Ojulari has been appointed as the new CEO.

The announcement, made by Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, detailed the removal of all board members appointed in November 2023, and the formation of an 11-member board. Ahmadu Musa Kida will serve as the non-executive chairman.

Adedapo Segun, the current chief financial officer, retains his position on the new board. Six non-executive directors have been appointed to represent the country’s geopolitical zones: Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa (North Central), Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East). Additionally, Lydia Shehu Jafiya and Aminu Ahmed will represent the Federal Ministry of Finance and the Ministry of Petroleum Resources, respectively.

President Tinubu, utilizing his authority under the Petroleum Industry Act, 2021, emphasized that the restructuring is vital for enhancing operational efficiency, restoring investor confidence, boosting local content, and driving economic growth. He also assigned an immediate action plan to the new board, focusing on a strategic portfolio review of NNPC assets to maximize value.

The Tinubu administration, which has been implementing oil sector reforms since 2023, aims to increase sector investments to $30 billion by 2027 and $60 billion by 2030, and to raise oil production to two million barrels daily by 2027 and three million by 2030. Gas production targets are set at 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030. The President also expects the board to elevate NNPC’s crude oil refining output to 200,000 barrels by 2027 and 500,000 by 2030.

New Chairman Ahmadu Kida, a civil engineer and petroleum engineer, brings extensive experience from Elf Petroleum Nigeria and Total Exploration and Production. New CEO Bashir Ojulari, a mechanical engineer, has a long history in the oil sector, including roles at Elf Aquitaine and Shell Petroleum Development Company of Nigeria Ltd, and most recently at Renaissance Africa Energy Company.

President Tinubu thanked the outgoing board members for their service, particularly their efforts in rehabilitating the Port Harcourt and Warri refineries, and wished them well in their future endeavors.